SLIDE NOTES: Melissa Johnson, Vice President of Industrial Development for The Port, presented this information to Amberley Village’s Land Development Committee on August 6, 2018. Throughout the redevelopment of 2100 Section Road, we have worked closely with Amberley Village in a variety of ways to make certain that this site is developed to its full potential. Whether it be receiving feedback on site design or sharing updates about the project, similar to this presentation, we value our relationship with Amberley Village and believe that because of the strong partnership, the redevelopment of 2100 Section Road will be successful.
SLIDE NOTES: In 2015, the Port’s Board of Directors approved our Industrial Revitalization Strategy. The purpose of this strategy is to re- purpose underperforming industrial assets and enhance job creation opportunities. At its peak, the former Gibson Greeting cards (located at 2100 Section Road) employed nearly 2,000 people. Over time, the significant loss of jobs and underutilization of this site created a deficit in tax generation and job opportunities in the community. The Port determined that this site was a prime candidate for redevelopment under our Industrial Revitalization Strategy. This presentation is an update of The Port’s work at 2100 Section Road since we acquired the property in 2016. A lot of work has happened at the site to make it pad- ready and immediately available for an advanced manufacturing company and new job creation.
SLIDE NOTES: Our due diligence started at the 56- acre site in January of 2016. We acquired the site in June of 2016 and the construction work began with site clearing and asbestos abatement in October 2016. The demolition and site development followed and was completed in September of 2017. While construction was underway at the site, we selected a broker for the site listing and began marketing the site in July of 2017. The process from the beginning of acquisition due diligence until the end of construction lasted 19 months.
SLIDE NOTES: To achieve the pad-ready site that is now available, we had to get creative about how to fund this significant investment. The Port developed a social impact investment program, called Patient Capital Notes, in which local investors, whether it be corporations or individuals, invest funds for the economic/social return of attracting new advanced manufacturing jobs to the region. In addition to using Patient Capital Notes for the acquisition of the site, the Port issued a $2 million bond that supplemented the purchase. To complete the redevelopment, the Port was awarded a $2.26 million grant from JobsOhio, a $2 million grant from Hamilton County, and $180,000 from Amberley Village. Without these partnerships, this redevelopment would not have been possible.
SLIDE NOTES: Now, to see how the site was designed. We worked with a local engineering firm to determine the grading of the site that would maximize the size of the building footprint, while also maintaining the storm water that transverses the site. We shared information and solicited feedback from our partners and Amberley Village residents. Due to the feedback, we redesigned the storm water and determined that the best way to maintain the storm water was to create the detention pond that you see on the north side of the site. This detention pond is sized appropriately to handle rainfall from all reasonable storm events. In addition, by rerouting the storm water to the perimeter of the site, we were able to maintain a 20-foot vegetation buffer off the property line, providing the adjacent neighborhood with privacy.
SLIDE NOTES: In addition to rerouting the storm water, to make the site attractive to potential end-users, the site was raised 12’ out of the floodplain. To achieve this, an application with the new proposed storm water design was submitted to FEMA for review. This design and application was approved by FEMA in October 2018. The elimination of the floodplain is a significant success in readying the site for an end-user.
SLIDE NOTES: Since May 2017, 2100 Section Road has been listed with nationally recognized broker, Cushman & Wakefield. In addition, we have been working closely with REDI Cincinnati on prospect leads that come through JobsOhio. Included in our Board driven strategy for Industrial Revitalization are per acre goals for jobs, revenue, and investment for advanced manufacturing. These goals align with the economic development strategy of Amberley Village.
SLIDE NOTES: These are some notable prospect leads that have come through REDI Cincinnati through 2018. The prospects vary based on acres and number of jobs. In cooperation with Amberley Village, we have submitted the site for prospects that fit in our criteria for both acreage and number of jobs and revenue that they would generate for Amberley Village.
SLIDE NOTES: As part of our strategy, we focus on revitalization of underutilized industrial sites for the attraction of new advanced manufacturing jobs to the region. What is advanced manufacturing? Advanced manufacturing is clean, efficient manufacturing that involves the use of technology to improve products and processes. Shown on this slide, are examples of two prospects in the aerospace & defense and automotive industries that considered the site in 2017. These leads are encouraging and provide the proof that these large advanced manufacturing companies are interested in large sites such as 2100 Section Road.
SLIDE NOTES: We continue to promote the site using a variety of marketing and economic development tools. As part of this effort, we have established a document library that includes all of the studies and reports that have been completed to-date, including geotechnical investigations, environmental reports, and archaeological studies. These studies are essential, as decision timeframes for end-users are getting shorter and shorter. 2100 Section Road is the largest available advanced manufacturing site within the I-275 beltway. This is significant as more investors are looking for urban sites close to transportation networks.
SLIDE NOTES: We continue to promote the site using a variety of marketing and economic development tools. As part of this effort, we have established a document library that includes all of the studies and reports that have been completed to-date, including geotechnical investigations, environmental reports, and archaeological studies. These studies are essential, as decision timeframes for end-users are getting shorter and shorter. 2100 Section Road is the largest available advanced manufacturing site within the I-275 beltway. This is significant as more investors are looking for urban sites close to transportation networks.
SLIDE NOTES: These are examples of the marketing that has been done through the avenues that were described on the previous slide. The top right is the cut-sheet developed by Cushman & Wakefield. To the bottom left is the Port’s website. REDI Cincinnati’s Circle Mailer of the site is included on the bottom right of the screen.
SLIDE NOTES: This is an example of the marketing material REDI Cincinnati used at their Market Day in Atlanta, Georgia. A focused site selection mission, REDI Cincinnati met with targeted site selectors from the Atlanta region that consider Ohio for their clients’ investments and expansions.
SLIDE NOTES: Feedback from prospects encouraged our development of vertical construction concepts. It was determined that vertical construction concepts could play a pivotal role in attracting an end-user if they could envision the scope, size, and capacity of an investment.
SLIDE NOTES: We collaborated with BHDP Architects to develop these vertical concepts. They used the final grading plan of the site, local zoning information, and knowledge of the advanced manufacturing field, to develop a layout that would maximize the footprint of the building, while providing adequate parking, and highlighting the amenities, such as the rail service, at the site.
SLIDE NOTES: After narrowing down and selecting a layout for the site, BHDP created a concept rendering of a building at 2100 Section Road. This will be used to supplement presentations and marketing material. With continued interest in the site, we are confident that a corporate partner that focuses on advanced manufacturing will be found that will add to the vibrancy that is Amberley Village. Jobs will return and the site will be thriving again, while also providing revenue to the Village.
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